Wealth
Ranked: Cities With the Most Millionaires in the World
Cities With the Most Millionaires in the World
Richie Rich’s town of residence Harveyville may not exist, but the world’s real-life millionaires are congregating in hotspots around the globe.
From the World’s Wealthiest Cities Report 2023 by Henley & Partners, we map out the top 20 metro areas around the world where the most millionaires live.
Which City Has the Most Millionaires?
Heading the list, New York City boasts of an astonishing 340,000 millionaire residents, accounting for approximately 4% of the city’s total population. New York’s status as a global financial hub attracts millions seeking high-paying jobs, while those with lucrative careers are naturally drawn to the city.
Here’s the full ranking of cities with the most millionaires.
Rank | City/Area | Country | HNWIs ($1M+) |
---|---|---|---|
1 | New York City | 🇺🇸 USA | 340,000 |
2 | Tokyo | 🇯🇵 Japan | 290,300 |
3 | The Bay Area | 🇺🇸 USA | 285,000 |
4 | London | 🇬🇧 UK | 258,000 |
5 | Singapore | 🇸🇬 Singapore | 240,100 |
6 | Los Angeles | 🇺🇸 USA | 205,400 |
7 | Hong Kong | 🇭🇰 Hong Kong SAR | 129,500 |
8 | Beijing | 🇨🇳 China | 128,200 |
9 | Shanghai | 🇨🇳 China | 127,200 |
10 | Sydney | 🇦🇺 Australia | 126,900 |
11 | Chicago | 🇺🇸 USA | 124,000 |
12 | Toronto | 🇨🇦 Canada | 105,200 |
13 | Frankfurt | 🇩🇪 Germany | 102,200 |
14 | Zurich | 🇨🇭 Switzerland | 99,300 |
15 | Houston | 🇺🇸 USA | 98,500 |
16 | Seoul | 🇰🇷 South Korea | 97,000 |
17 | Melbourne | 🇦🇺 Australia | 96,000 |
18 | Paris | 🇫🇷 France | 93,000 |
19 | Geneva | 🇨🇭 Switzerland | 85,800 |
20 | Dubai | 🇦🇪 UAE | 68,400 |
21 | Mumbai | 🇮🇳 India | 59,400 |
22 | Rome | 🇮🇹 Italy | 56,500 |
23 | Seattle | 🇺🇸 USA | 50,500 |
24 | Shenzhen | 🇨🇳 China | 45,700 |
25 | Osaka | 🇯🇵 Japan | 44,900 |
26 | Boston | 🇺🇸 USA | 41,700 |
27 | Kyoto | 🇯🇵 Japan | 40,400 |
28 | Miami | 🇺🇸 USA | 38,000 |
29 | Vancouver | 🇨🇦 Canada | 37,300 |
30 | Tel Aviv | 🇮🇱 Israel | 35,600 |
31 | Moscow | 🇷🇺 Russia | 35,200 |
32 | Perth | 🇦🇺 Australia | 33,900 |
33 | Brisbane | 🇦🇺 Australia | 31,900 |
34 | Austin | 🇺🇸 USA | 30,500 |
35 | Hangzhou | 🇨🇳 China | 30,400 |
36 | Delhi | 🇮🇳 India | 30,200 |
37 | Madrid | 🇪🇸 Spain | 29,000 |
38 | Auckland | 🇳🇿 New Zealand | 24,500 |
39 | Abu Dhabi | 🇦🇪 UAE | 24,200 |
40 | Manchester | 🇬🇧 UK | 24,200 |
41 | Nice | 🇫🇷 France | 23,900 |
42 | Guangzhou | 🇨🇳 China | 23,500 |
43 | Athens | 🇬🇷 Greece | 23,100 |
44 | Doha | 🇶🇦 Qatar | 21,500 |
45 | Lisbon | 🇵🇹 Portugal | 20,800 |
46 | Dublin | 🇮🇪 Ireland | 18,400 |
47 | Riyadh | 🇸🇦 Saudi Arabia | 18,100 |
48 | Montreal | 🇨🇦 Canada | 17,900 |
49 | Monaco | 🇲🇨 Monaco | 17,600 |
50 | Las Vegas | 🇺🇸 USA | 16,800 |
51 | Istanbul | 🇹🇷 Türkiye | 16,300 |
52 | Warsaw | 🇵🇱 Poland | 15,100 |
53 | Jerusalem | 🇮🇱 Israel | 15,100 |
54 | San Diego | 🇺🇸 USA | 14,700 |
55 | Calgary | 🇨🇦 Canada | 14,700 |
56 | Johannesburg | 🇿🇦 South Africa | 14,600 |
57 | Scottsdale | 🇺🇸 USA | 13,900 |
58 | Barcelona | 🇪🇸 Spain | 13,300 |
59 | Milan | 🇮🇹 Italy | 12,600 |
60 | Bengaluru | 🇮🇳 India | 12,600 |
61 | Edinburgh | 🇬🇧 UK | 12,400 |
62 | Santa Barbara & Montecito | 🇺🇸 USA | 12,300 |
63 | Kolkata | 🇮🇳 India | 12,100 |
64 | Greenwich & Darien | 🇺🇸 USA | 11,900 |
65 | Hyderabad | 🇮🇳 India | 11,100 |
66 | West Palm Beach | 🇺🇸 USA | 9,400 |
67 | Ho Chi Minh City | 🇻🇳 Vietnam | 7,700 |
68 | Florence | 🇮🇹 Italy | 7,500 |
69 | Cairo | 🇪🇬 Egypt | 7,400 |
70 | Cape Town | 🇿🇦 South Africa | 7,200 |
71 | St. Petersburg | 🇷🇺 Russia | 6,900 |
72 | Lagos | 🇳🇬 Nigeria | 5,400 |
73 | Budapest | 🇭🇺 Hungary | 5,300 |
74 | Nairobi | 🇰🇪 Kenya | 4,700 |
75 | Netanya | 🇮🇱 Israel | 4,300 |
76 | Herzliya | 🇮🇱 Israel | 3,900 |
77 | Sharjah | 🇦🇪 UAE | 3,800 |
78 | Durban | 🇿🇦 South Africa | 3,600 |
79 | Cape Winelands | 🇿🇦 South Africa | 3,400 |
80 | Garden Route | 🇿🇦 South Africa | 3,000 |
81 | Casablanca | 🇲🇦 Morocco | 2,800 |
82 | Pretoria | 🇿🇦 South Africa | 2,400 |
83 | Accra | 🇬🇭 Ghana | 2,000 |
84 | Luanda | 🇦🇴 Angola | 1,800 |
85 | Dar Es Salaam | 🇹🇿 Tanzania | 1,400 |
86 | Whale Coast | 🇿🇦 South Africa | 1,100 |
87 | Windhoek | 🇳🇦 Namibia | 1,100 |
88 | Marrakech | 🇲🇦 Morocco | 900 |
89 | Addis Ababa | 🇪🇹 Ethiopia | 800 |
90 | Kigali | 🇷🇼 Rwanda | 800 |
91 | Maputo | 🇲🇿 Mozambique | 800 |
92 | Mombasa | 🇰🇪 Kenya | 700 |
93 | Tangier | 🇲🇦 Morocco | 700 |
94 | Lusaka | 🇿🇲 Zambia | 600 |
95 | Swakopmund | 🇳🇦 Namibia | 300 |
96 | Walvis Bay | 🇳🇦 Namibia | 300 |
In the second spot, Tokyo is home to a substantial millionaire population of 290,000, closely followed by the Bay Area—San Francisco and Silicon Valley—with 285,000 high net worth individuals (HNWIs) possessing an investable wealth of $1 million or more.
Other major financial centers—London (4th), Singapore (5th), Hong Kong (7th)—take up the middle spots in the top 10, joined by China’s commerce juggernauts, Beijing (8th) and Shanghai (9th).
One notable entry to the list is Sydney, which surprisingly holds the 10th position, with more than 100,000 millionaires. Alongside Melbourne (17th), Australia has increasingly become a destination for millionaire migrations. This trend is driven by factors such as high livability ratings, access to Asian markets, and no inheritance tax in the country.
Where Have Millionaire Populations Boomed?
The world has gotten significantly richer in the last decade, both at a per capita level, as well as by the rising number of millionaires. Between 2010–2020 for example, the number of millionaires increased by nearly 65%.
Here’s a look at the cities which have seen the biggest change in their millionaire population between 2012–2022.
Rank | City/Area | Country | HNWI growth % (2012 to 2022) |
---|---|---|---|
1 | Hangzhou | 🇨🇳 China | +105% |
2 | Austin | 🇺🇸 USA | +102% |
3 | Shenzhen | 🇨🇳 China | +98% |
4 | West Palm Beach | 🇺🇸 USA | +90% |
5 | Scottsdale | 🇺🇸 USA | +88% |
6 | Bengaluru | 🇮🇳 India | +88% |
7 | Guangzhou | 🇨🇳 China | +86% |
8 | Sharjah | 🇦🇪 UAE | +84% |
9 | Ho Chi Minh City | 🇻🇳 Vietnam | +82% |
10 | Hyderabad | 🇮🇳 India | +78% |
11 | Miami | 🇺🇸 USA | +75% |
12 | Shanghai | 🇨🇳 China | +72% |
13 | Greenwich & Darien | 🇺🇸 USA | +72% |
14 | Kigali | 🇷🇼 Rwanda | +72% |
15 | Beijing | 🇨🇳 China | +70% |
16 | Delhi | 🇮🇳 India | +70% |
17 | Abu Dhabi | 🇦🇪 UAE | +70% |
18 | The Bay Area | 🇺🇸 USA | +68% |
19 | Seattle | 🇺🇸 USA | +68% |
20 | Houston | 🇺🇸 USA | +65% |
21 | Mumbai | 🇮🇳 India | +65% |
22 | Santa Barbara & Montecito | 🇺🇸 USA | +65% |
23 | Herzliya | 🇮🇱 Israel | +65% |
24 | Dubai | 🇦🇪 UAE | +62% |
25 | Kolkata | 🇮🇳 India | +60% |
26 | San Diego | 🇺🇸 USA | +58% |
27 | Netanya | 🇮🇱 Israel | +56% |
28 | Las Vegas | 🇺🇸 USA | +55% |
29 | Marrakech | 🇲🇦 Morocco | +55% |
30 | Warsaw | 🇵🇱 Poland | +54% |
31 | Dublin | 🇮🇪 Ireland | +52% |
32 | Tel Aviv | 🇮🇱 Israel | +51% |
33 | Boston | 🇺🇸 USA | +50% |
34 | Monaco | 🇲🇨 Monaco | +50% |
35 | Calgary | 🇨🇦 Canada | +48% |
36 | Vancouver | 🇨🇦 Canada | +44% |
37 | Auckland | 🇳🇿 New Zealand | +43% |
38 | Melbourne | 🇦🇺 Australia | +42% |
39 | New York City | 🇺🇸 USA | +40% |
40 | Singapore | 🇸🇬 Singapore | +40% |
41 | Geneva | 🇨🇭 Switzerland | +40% |
42 | Brisbane | 🇦🇺 Australia | +37% |
43 | Jerusalem | 🇮🇱 Israel | +37% |
44 | Los Angeles | 🇺🇸 USA | +35% |
45 | Sydney | 🇦🇺 Australia | +35% |
46 | Zurich | 🇨🇭 Switzerland | +35% |
47 | Mombasa | 🇰🇪 Kenya | +35% |
48 | Tangier | 🇲🇦 Morocco | +33% |
49 | Perth | 🇦🇺 Australia | +32% |
50 | Budapest | 🇭🇺 Hungary | +32% |
51 | Seoul | 🇰🇷 South Korea | +30% |
52 | Nairobi | 🇰🇪 Kenya | +30% |
53 | Toronto | 🇨🇦 Canada | +29% |
54 | Casablanca | 🇲🇦 Morocco | +28% |
55 | Lisbon | 🇵🇹 Portugal | +25% |
56 | Whale Coast | 🇿🇦 South Africa | +25% |
57 | Swakopmund | 🇳🇦 Namibia | +25% |
58 | Chicago | 🇺🇸 USA | +24% |
59 | Accra | 🇬🇭 Ghana | +24% |
60 | Addis Ababa | 🇪🇹 Ethiopia | +23% |
61 | Garden Route | 🇿🇦 South Africa | +22% |
62 | Lusaka | 🇿🇲 Zambia | +22% |
63 | Walvis Bay | 🇳🇦 Namibia | +22% |
64 | Montreal | 🇨🇦 Canada | +21% |
65 | Frankfurt | 🇩🇪 Germany | +20% |
66 | Dar Es Salaam | 🇹🇿 Tanzania | +20% |
67 | Cape Winelands | 🇿🇦 South Africa | +18% |
68 | Maputo | 🇲🇿 Mozambique | +18% |
69 | Windhoek | 🇳🇦 Namibia | +16% |
70 | Cape Town | 🇿🇦 South Africa | +10% |
71 | Riyadh | 🇸🇦 Saudi Arabia | +9% |
72 | Florence | 🇮🇹 Italy | +8% |
73 | Nice | 🇫🇷 France | +7% |
74 | Kyoto | 🇯🇵 Japan | +5% |
75 | Manchester | 🇬🇧 UK | +5% |
76 | Osaka | 🇯🇵 Japan | -2% |
77 | Paris | 🇫🇷 France | -3% |
78 | Athens | 🇬🇷 Greece | -3% |
79 | Tokyo | 🇯🇵 Japan | -5% |
80 | Doha | 🇶🇦 Qatar | -6% |
81 | Durban | 🇿🇦 South Africa | -6% |
82 | Rome | 🇮🇹 Italy | -7% |
83 | Barcelona | 🇪🇸 Spain | -7% |
84 | Madrid | 🇪🇸 Spain | -9% |
85 | Milan | 🇮🇹 Italy | -10% |
86 | Edinburgh | 🇬🇧 UK | -12% |
87 | London | 🇬🇧 UK | -15% |
88 | Cairo | 🇪🇬 Egypt | -25% |
89 | Hong Kong | 🇭🇰 Hong Kong (SAR China) | -27% |
90 | Luanda | 🇦🇴 Angola | -28% |
91 | Lagos | 🇳🇬 Nigeria | -30% |
92 | Istanbul | 🇹🇷 Türkiye | -35% |
93 | Pretoria | 🇿🇦 South Africa | -35% |
94 | St. Petersburg | 🇷🇺 Russia | -38% |
95 | Johannesburg | 🇿🇦 South Africa | -40% |
96 | Moscow | 🇷🇺 Russia | -44% |
In the past decade, Hangzhou, China and Austin, Texas, more than a doubled their wealthy residents. This trend places them at the top of the rankings for millionaire population growth, which is largely dominated by cities in China and the U.S., reflecting the economic strength of these two countries.
By way of comparison, at the beginning of the 21st century, the United States and Japan had a similar count of millionaires. However, the U.S. sustained its millionaire population growth, whereas China surpassed Japan in economic size in 2010 and, subsequently, in the number of millionaires in 2014.
Other emerging economic giants in the 2010s—India and Vietnam—have also seen millionaire growth in the cities of Bengaluru (88%), Hyderabad (78%), and Ho Chi Minh City (82%).
On the other hand, Moscow and St. Petersburg lost around 40% of their millionaire residents in the same timeframe, with the sanctions against the country playing a key role deteriorating their wealth as well as causing an exodus of residents.
Wealth
Visualizing the Tax Burden of Every U.S. State
Tax burden measures the percent of an individual’s income that is paid towards taxes. See where it’s the highest by state in this graphic.
Visualizing the Tax Burden of Every U.S. State
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
This map graphic visualizes the total tax burden in each U.S. state as of March 2024, based on figures compiled by WalletHub.
It’s important to understand that under this methodology, the tax burden measures the percent of an average person’s income that is paid towards state and local taxes. It considers property taxes, income taxes, and sales & excise tax.
Data and Methodology
The figures we used to create this graphic are listed in the table below.
State | Total Tax Burden |
---|---|
New York | 12.0% |
Hawaii | 11.8% |
Vermont | 11.1% |
Maine | 10.7% |
California | 10.4% |
Connecticut | 10.1% |
Minnesota | 10.0% |
Illinois | 9.7% |
New Jersey | 9.5% |
Rhode Island | 9.4% |
Utah | 9.4% |
Kansas | 9.3% |
Maryland | 9.3% |
Iowa | 9.2% |
Nebraska | 9.2% |
Ohio | 8.9% |
Indiana | 8.9% |
Arkansas | 8.8% |
Mississippi | 8.8% |
Massachusetts | 8.6% |
Virginia | 8.5% |
West Virginia | 8.5% |
Oregon | 8.4% |
Colorado | 8.4% |
Pennsylvania | 8.4% |
Wisconsin | 8.3% |
Louisiana | 8.3% |
Kentucky | 8.3% |
Washington | 8.0% |
New Mexico | 8.0% |
Michigan | 8.0% |
North Carolina | 7.9% |
Idaho | 7.9% |
Arizona | 7.8% |
Missouri | 7.8% |
Georgia | 7.7% |
Texas | 7.6% |
Alabama | 7.5% |
Montana | 7.5% |
South Carolina | 7.5% |
Nevada | 7.4% |
Oklahoma | 7.0% |
North Dakota | 6.8% |
South Dakota | 6.4% |
Delaware | 6.4% |
Tennessee | 6.1% |
Florida | 6.1% |
Wyoming | 5.7% |
New Hampshire | 5.6% |
Alaska | 4.9% |
From this data we can see that New York has the highest total tax burden. Residents in this state will pay, on average, 12% of their income to state and local governments.
Breaking this down into its three components, the average New Yorker pays 4.6% of their income on income taxes, 4.4% on property taxes, and 3% in sales & excise taxes.
At the other end of the spectrum, Alaska has the lowest tax burden of any state, equaling 4.9% of income. This is partly due to the fact that Alaskans do not pay state income tax.
Hate Paying Taxes?
In addition to Alaska, there are several other U.S. states that don’t charge income taxes. These are: Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming.
It’s also worth noting that New Hampshire does not have a regular income tax, but does charge a flat 4% on interest and dividend income according to the Tax Foundation.
Learn More About Taxation From Visual Capitalist
If you enjoyed this post, be sure to check out this graphic which ranks the countries with the lowest corporate tax rates, from 1980 to today.
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